Bitcoin Price Falls

Why did Bitcoin, Ethereum and Litecoin fall sharply today?

The bitcoin sell-off is back, hitting all major coins including ethereum, litecoin, Ripple’s XRP, bitcoin cash, and EOS, as $6 billion in value is wiped from the global cryptocurrency market capitalization over the weekend, according to trading data site CoinMarketCap.

The bitcoin price is this morning off by almost 5% over the last 24 hours, on the cusp of falling below the psychological $3,500 mark, with investors and traders continuing to fret over the future of major cryptocurrencies as a year-long bear market looks set to drag on well into 2019.

Ethereum, which was expected to undergo a hotly-anticipated upgrade last week before it was delayed, dropped by some 6% as investors processed the decision to postpone the so-called hard fork until February 27.

The Constantinople upgrade was suddenly called off last week, just a day before it had been expected to go live, after a security researcher discovered a bug in the software that could let attackers steal funds.

The fork, which differs from most other cryptocurrency hard forks, will reduce rewards paid to miners to from three per block to two, and is expected to reduce inflation and stabilize ethereum.

Ethereum’s Constantinople upgrade is also part of its move to a proof-of-stake consensus algorithm later this year, from the more energy intensive proof-of-work it currently uses.

This is not the first time the upgrade has been delayed, with it originally scheduled to go live in…

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XRP Ripple

Ripple’s XRP price prediction: Technical indicators only point to…

  • If the bearish technical indicators maintain their current position, XRP could breakdown further.
  • XRP bulls to face acute resistance at $0.3302.

The short-term outlook of Ripple’s XRP 1-hour timeframe chart shows that the asset has been trending higher. This is because XRP opened the week’s trading at $0.3286 and tested the resistance at $0.34 before correcting lower towards the immediate support at $0.32.

A short-term trendline shows that XRP/USD has been trading higher highs and higher lows, although a break has just occurred below the trendline support at $0.3281. The price has also remained range-bound between the upper range limit at $0.31 and the range support level at $0.3163.

Ripple’s XRP is trending lower at the time of press, besides the price is beneath both the 1-hour 50-day Simple Moving Average (SMA) and the 100-day SMA both of which are hindering upward movements as seen on the chart. Moreover, the Relative Strength Index (RSI) is heading for the oversold region after staying clear of the territory since Sunday last week. The slow stochastic oscillator on the same chart is currently in the oversold to show that the price will continue to correct lower in the coming sessions today and even cross over into the weekend trading sessions.

Marginally above the current value at $0.3268, the Confluence Detector tool provided on the FXStreet website shows that the bulls will face acute resistance at…

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Altcoins

Altcoins Are Skyrocketing As The Bitcoin Price Stagnates

Bitcoin rivals, including apollo, augur, loopring, power ledger, status, zilliqa, and steem, have risen sharply over the last 24 hours as speculation swirls some may be listed on major cryptocurrency exchanges and wallet providers while other so-called altcoins make development strides.

Bitcoin and cryptocurrency traders are scrambling to understand the huge market moves, with many of the digital tokens sporting such low daily trading volumes that a few large trades are able to move prices significantly.

The sudden market moves by these relatively minor cryptocurrencies highlights how the sector is diverging from bitcoin, which has fallen over the past 24 hours—down by almost 1%.

“There will always be some level of correlation in broad markets. Over the longer term these particular coins are still tightly correlated to bitcoin,” said Mati Greenspan, senior market analyst at broker eToro.

“That said, when you have a news story that highlights a development, it can cause these sudden leaps. What we’re seeing now is the effect of a flat market—the overall sentiment noise is dying down so individual token developments are getting more attention.”

Many investors will be keenly watching for whether these smaller cryptocurrencies can hold on to their recent gains, but Greenspan warned traders not to expect these kinds of percentage point rises often.

“As soon as there’s more direction in the wider market, I’d expect that bitcoin and major token correlation amongst these altcoins to snap right back,” Greenspan added.

Augur, a decentralized app platform looking to rival ethereum, is the largest cryptocurrency by market capitalization to leap sharply higher, adding some 33% over the last 24 hours. Augur was earlier up by…

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Bitcoin

Economist Claims Russia Will Buy $10 Billion Worth of Bitcoin

Over the past week or two, a story about Russia adding bitcoin to their foreign currency reserves has been reported in a variety of media outlets such as The Daily TelegraphFortune, and ZeroHedge. All of these stories cite Vladislav Ginko, who is an economics lecturer at the state-funded Russian Presidential Academy of National Economy and Public Administration (RANEPA).

According to Ginko’s comments on Twitter and in interviews, he believes the Russian government will add $10 billion worth of bitcoin to its foreign currency reserves early this year. The move is said to be a reaction to sanctions imposed by the United States.

When this story was first reported, not many people paid attention or took it seriously, but things started to get interesting as more credible media outlets published articles around the story. Some people thought it was an elaborate hoax, while others have questioned Ginko’s credibility.

The Twitter Account Appears to Be Legitimate

In response to the likes of The Daily Telegraph reporting on this story, some skeptics shared their belief that the source of the news was a fake Twitter account that was not actually owned and operated by Ginko.

Looking at the Twitter account’s history, it appears authentic. For example, there is this tweet from 2012 where the author claimed to be a finance professor who works in New York and Moscow. Additionally, Archive.org’s Wayback Machine shows Ginko was in control of the account in 2014, when he was associated with a Russian financial news outlet.

Bitcoin to $100 or $2 Million?

To be fair to the skeptics, Ginko’s Twitter account is all over the place with bizarre claims being made left and right. For example, the account has recently retweeted a number of photo-including tweets from a local dentistry.

For someone who is supposedly trying to get the Russian government to stack bitcoin as part of their foreign currency reserves, Ginko was…

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Bitcoin

International Bank Makes Stark Warning About Bitcoin

Bitcoin has struggled over the last 12 months, as both the bitcoin price and development stalls, with a so-called crypto winter gripping the sector, stifling investment and interest from the traditional financial industry.

Many had expected the 2017 explosion of bitcoin and cryptocurrency prices to mean adoption and usage of digital tokens soared, but a new survey from the Bank of International Settlements (BIS) has warned take-up of cryptocurrencies remains “trivial.”

In another blow to bitcoin and cryptocurrencies, BIS warned investors and traders that they could lose money on privately minted cryptocurrencies like bitcoin.

BIS, which serves as a lender to country’s central banks, found most countries regard bitcoin and cryptocurrencies as a niche technology and not the future of money that many crypto enthusiasts believe it to be.

“No central banks reported any significant or wider public use of cryptocurrencies for either domestic or cross-border payments in their jurisdictions,” the BIS report, out last week, found. “Usage of cryptocurrencies is assessed to be either minimal (‘trivial/no use’) or concentrated in niche groups.”

The survey revealed that most BIS member central banks think cryptocurrency use “will remain minor” due to “low retail acceptance, compliance issues, better public understanding by the general public of the risks involved and, for some jurisdictions, outright bans.”

Many people think that the use of bitcoin and cryptocurrencies by the general population will trigger the next bitcoin bull run, though the number of retailers accepting digital tokens in both developed and developing economies remains low.

Last month the chief executive of major global bitcoin and cryptocurrency exchange Binance, Changpeng Zhao, has said he expects…

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Here’s Why Bitcoin Is Swinging Sharply As Ethereum And Ripple (XRP) Turn Positive

Bitcoin has swung into the green today after plummeting yesterday afternoon, with the bitcoin price jump moving the wider cryptocurrency market, including ethereum, Ripple’s XRP, and rising star Tron sharply higher.

The bitcoin price is off to a volatile start to the year despite the hopes of many investors and traders that the bear market of 2018, named crypto winter for its debilitating effect on the bitcoin sector, would have ended.

Bitcoin is up by almost 3% over the last 24 hours, according to the latest prices from the Luxembourg-based Bitstamp exchange. Meanwhile, ripple (XRP) is up by 3% and ethereum is up over 7%.

Tron, which has styled itself as a competitor to ethereum’s decentralized app platform, is up by more than 10%.

Bitcoin and the crypto markets’ wild swings over the last few days have been widely attributed to looming fork of the ethereum blockchain, with previous forks of major digital tokens causing chaos on trading markets.

Last month, closely followed economist and a cryptocurrency trader Alex Krüger tweeted he expected

the reaction to the upcoming ethereum hard fork would be “bullish.”

“Once mining is past the initial (painful) adjustment period, less mining supply mined by fewer miners will be decidedly bullish,” Krüger wrote.

The hard fork, which usually means a cryptocurrency splits in two, will see ethereum miner rewards fall from three ether to two and decrease the block time, making the network faster. The update is set for…

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Cryptocurrency

Top 3 Price Predictions for Bitcoin, Ripple and Ethereum

  • After the strong rises, the motives for selling are emotional and not technical.
  • XRP is doing well and does not wrinkle in the face of criticism.
  • A Russian analyst speaks of $10 billion worth of government purchases.

It dawns in Europe with declines among the three top cryptocurrencies, ignoring the news coming from Russia about its intention to transfer part of its vast foreign exchange reserves to the crypto market, in particular to Bitcoins.

Vladislav Ginko, an analyst that specializes in cryptocurrencies and advises to the presidency of the country on these issues, stated that the Russian government would be preparing an investment of $10 billion for Q1 2019 out of a total planned investment of $470 billion. It also states that the country’s financial bigwigs are insistently asking their capital managers information on how to convert millions of dollars to Bitcoins.

Investment funds in Moscow are engulfed with requests from wealthy Russians “how to buy for $ several millions Bitcoins”.

— Vladislav Ginko (@martik)

No member of the Russian government has confirmed the news. And for now, it does not seem that the market gives it too much credibility. If confirmed, it would be a real revolution and would take Bitcoin’s status to a new, higher level.

BTC/USD Daily Chart

The BTC/USD pair is currently trading at the $3.779 price level, dropping more than 5% in the session. Technically, the move has not changed the previous scenario but puts pressure on Bitcoin, which has failed to move away from the relative lows in recent weeks.

The arrival of equilibrium levels in the MACD tends to cause rebounds against it, as many traders mark these levels as a signal to reap profits and others take advantage of the movement in the short term.

Below the current price, the first support level is $3,700 (price congestion support). The second support is $3,600 (price congestion support). Below current prices, BTC/USD would lose the bullish momentum, and the media gates of hell would reopen. The third level of support is at $3,275 (price congestion support), a level that would test the nerves of many traders.

Above the current price, BTC/USD has the first resistance at the $3,900 price level (price congestion resistance). The second resistance level is at $4,120 (EMA50). The third resistance level is at $4,400 (price congestion resistance). This last resistance level is fundamental and exceeding it could lead the BTC/USD to a period of consistent…

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Bitcoin Price Falls

Breaking: What Caused Bitcoin’s Prices to Plunge Today?

Bitcoin lost more than 10% today, following many digital currencies lower after market research showed a decline in investor sentiment.

The price of bitcoin had fallen to as little as $3,570.29 at the time of report, down roughly 10.6% in the last 24 hours and 11.2% from the start of the day, according to CoinDesk bitcoin price data.

Other major cryptocurrencies had suffered even greater losses, with ether, litecoin and bitcoin cash having declined 16.5%, 16.4% and 16.3% over the last 24 hours, additional CoinDesk figures reveal.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Falling Sentiment

These widespread declines took place right after a drop in the sentiment surrounding most of the 10 largest digital currencies, noted…

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Bitcoin

One Of The World’s Richest People Is Backing Bitcoin–Here’s Why

Bitcoin has its fair share of backers and detractors, but it’s not every day one of the world’s richest people, in this case, Hong Kong billionaire Li Ka-shing, throws their weight behind the nascent technology.

Li, who’s 90 years old and known as Superman, has invested in the upcoming bitcoin and cryptocurrency platform Bakkt through his venture capital firm Horizon Ventures.

Bakkt announced it had raised $182.5 million in its series A funding round last week in a blog post, with Horizon Ventures fronting a portion of that.

Bitcoin and cryptocurrency investors who have weathered the so-called crypto winter have been somewhat cheered by a positive start to 2019, with many eagerly looking forward to major global stock exchanges offering bitcoin futures contracts and the highly-anticipated Bakkt bitcoin platform.

The Bakkt bitcoin platform, which is being developed with New York Stock Exchange owner Intercontinental Exchange as well as partnerships with coffee shop chain Starbucks and PC giant Microsoft, plans to offer…

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2019

Cryptocurrency Predictions 2019: What 6 Crypto Leaders Told Us

Cryptocurrency predictions from a broad range of the crypto community suggest 2019 will be a pivotal year.

The six people who responded to my brief survey come from a variety of crypto perspectives, from prolific video personality Naomi Brockwell to Jeffrey Tucker, the

Editorial Director for the American Institute of Economic Research, to outspoken cybersecurity pioneer John McAfee.

I asked for their thoughts on the crypto bear market of 2018 as well as what they expect from 2019.

And they did not disappoint.

I hope you will be as impressed with this collection of cryptocurrency predictions and insights as I was, and that you will find them useful as crypto enters its second decade.

The answers have been lightly edited for style and clarity.


Naomi Brockwell

Cryptocurrency Video Personality

What’s your take on the crypto crash of 2018 and the reversal of sentiment from positive to negative?  

I disagree that the sentiment turned negative – I think people who understand the tech are more excited than ever about the amazing developments in the space. I would argue that the price correction was to be expected, especially after the ICO boom of 2017, and the downturn may have also had a lot to do with the increased regulation in the space this year, making it harder for people to move crypto around.

What are your expectations for crypto in 2019? Do you see any major developments on the horizon?  

I predict a new wave of users onboarded to crypto in 2019 from the artist/content creator sphere. The censorship and demonetization of many prominent YouTubers has led to a lot of people looking for alternative systems that don’t give payment processors so much control, and crypto is the answer. The question is whether the crypto community can make the onboarding process as frictionless as possible for these new users, and get them comfortable with crypto. I’m especially looking at bitbacker.io as a new Patreon for the cryptocurrency age.

Where do you think Bitcoin/crypto prices are headed in 2019? Do you see prices higher or lower at the end of the year?

Always hard to make price predictions, but I think 2019 will end up for the year. But not sure we will see any new all-time highs. We’ll have to see what happens!

cryptocurrency predictions 2019
Michael A. Robinson

Editor of the Strategic Tech Investor newsletter

What’s your take on the crypto crash of 2018 and the reversal of sentiment from positive to negative?  

Several factors were behind this. Let’s start with the rough beginning to 2018 after South Korea talked about banning crypto trading. Since many traders and miners are from Asia, that sent prices down pretty quickly. Shortly thereafter, China also said it would crack down on crypto trading, handing us a one-two punch.

Meanwhile, we saw a speculative feeding frenzy surrounding ICOs. A lot of money left Bitcoin and Ethereum to chase after that fad. And as we saw, the ICO market completely collapsed on concerns of an SEC crackdown that began in March of 2018. The SEC stepped up its efforts, and that market has basically vanished. While the two may not seem to be directly linked, BTC traders took the news pretty hard, fearing a wider crackdown on cryptos themselves.

And let’s not forget cryptos are not immune from general investing trends. Deutsche Bank recently released data showing that 89% of all assets it tracks were down at the end of October, the broadest decline since 1901. Of course, a lot of that had to do with profit taking, even on stocks, real estate, Bitcoin, and other leading cryptos.

What are your expectations for crypto in 2019? Do you see any major developments on the horizon?  

I’d like to see a further shake out in the crypto market. Just five years ago there were only a handful of digital currencies. While Bitcoin remains the gold standard and Ethereum is the market’s silver, simply too many new currencies were being created. At one point earlier in 2018, there were more than 1,650 cryptos trading hands, many at fractions of cents. That’s just way too many at this point in the market’s history, as we are still in the early innings.

I do see one very bright spot for the field – the mash-up of the blockchain and the cloud. The blockchain is an unstoppable trend that I believe could support $8 trillion in global trade in as little as a decade. Most firms, however, lack the manpower and technical expertise to jump into blockchain development. But firms like Microsoft [NASDAQ: MSFT], SAP SE [NYSE: SAP], Deloitte, and Hewlett Packard Enterprise [NYSE: HPE] are offering blockchain-as-a-service. This bodes well for the growth of the platform as well as providing a long-term base for Bitcoin and Ethereum, the latter being designed with smart contracts in mind.

Where do you think Bitcoin/crypto prices are headed in 2019? Do you see prices higher or lower at the end of the year?

Well, one thing that went completely unnoticed by the media and their need for negative stories is the fact that the Bitcoin price was relatively stable for a couple of critical months – trading in the $6,000 to $6,500 range from early September to early November – before selling off with the rest of the world’s investment markets. For 2019, I’d like to see another base of that nature establish itself. That kind of calm would allow investors to enter the market on a more measured basis, rather than chasing fast returns only to sell at the first sign of trouble. It also would give enterprise clients for blockchain-as-a-service more confidence that this is a stable arena, something IT managers like to see as they plan ahead.

Right now, the price as listed on BitStamp shows BTC trading above the 20-day moving average and making a run at the 50-day line. Right now that 50-day line looks like key resistance rather than critical support. The data I have makes me think we will hover around that 50-day line for a while. But if it breaks through on solid momentum and holds, we could see gains of 25% to 40% this year.

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Anthem Hayek Blanchard

CEO of AnthemGold, a gold-backed crypto asset token company

What’s your take on the crypto crash of 2018 and the reversal of sentiment from positive to negative?  

My wife and co-founder President Cynthia Blanchard has joked that back in 2017, the environment was so outrageous that our dogs Ulysses and Beauregard could have raised millions of dollars on their own token sale. My take on the crypto crash of 2018 is a necessary event of draining out billions of dollars of misallocated capital on projects without purposes, let alone business models or development plans to build public blockchain software.

What are your expectations for crypto in 2019? Do you see any major developments on the horizon?  

I expect in 2019 we will see the beginnings of commercialization of blockchain software. Think about the fact that today public blockchains have a market cap of over $100 billion. A year ago today, they got close to a market cap of $1 trillion. And yet today there is no commercial use of Bitcoin, Ethereum, or other public blockchains as business software. I think in 2019, largely because of the crypto crash of 2018, we will see public blockchain teams and their communities accelerate their focus on creating workable business models toward the commercialization of public blockchain software.

Where do you think Bitcoin/crypto prices are headed in 2019? Do you see prices higher or lower at the end of the year?

I think we will see a rise in Bitcoin prices and cryptocurrency prices generally in 2019 in national (fiat) currency terms. Given Bitcoin is about 80% off its all-time high of $20,000 a year ago, and some other top-100 public blockchain tokens are still down over 90% from their all-time highs, I think a rebound is logical. Newcomers to Bitcoin and public blockchain token economic history over the past 10 years should know that since Bitcoin’s birth on Jan. 3, 2009, the last bull to bear market run was already the industry’s fourth cycle:

  • August 2010 $0.06 to June 2011 $30, up 49,900%
  • Down 93% November 2011 to $2 to April 2013 $230, up 11,400%
  • Down 71% July 2013 to $67 to November 2013 $1,147, up 1,611%
  • Down 85% January 2015 to $180 to December 2017 $19,535, up 10,753%
  • Down 82% Novemver 2018 to $3,448

(source: unbnkd)

Related: Crypto will see several major developments this year. Here are my cryptocurrency predictions for 2019


Jeffrey Tucker

Editorial Director for the American Institute of Economic Research, a free market–oriented academic think tank

What’s your take on the crypto crash of 2018 and the reversal of sentiment from positive to negative?  

Prices of these assets are what they are for a reason, and it is the usual one: supply and demand. 2017’s run-up reflected wild enthusiasm, but then the reality set in that Bitcoin cannot scale, that the crypto asset market was becoming diffuse, there are many worthless tokens floating alongside real ones, and that the whole thing is truly in an experimental stage. The enthusiasm in 2018 drifted from plain tokens to blockchain projects, and that’s where it is today. There is no crypto winter in the technology, just the legacy tokens.

What are your expectations for crypto in 2019? Do you see any major developments on the horizon?  

Adoption of blockchain technology will continue to grow, programmers in the space will be ever more in demand, and developers in the coin sector will innovate in consumer services. Companies that have focused entirely on legacy crypto assets will continue to shrink in employees and marketing.

Where do you think Bitcoin/crypto prices are headed in 2019? Do you see prices higher or lower at the end of the year?

My instinct suggests that the pessimism of 2018 will moderate, but there is no way to know for sure. The “to the moon” crowd has been seriously humbled. Early in 2018, many industry insiders predicted $3,000 Bitcoin. From my perspective, that is phenomenally high, remembering that I’ve followed this tech since the price reached $1.


Ray Youssef

Founder of Paxful, a peer-to-peer Bitcoin marketplace

What’s your take on the crypto crash of 2018 and the reversal of sentiment from positive to negative?

Was there ever a reversal of sentiment on how people see Bitcoin? Yes, there is a massive dip in the Bitcoin price, but that doesn’t mean that people are turning away from using Bitcoin. This is the time when people will use Bitcoin fully. All those who are ready to change the world through peer-to-peer finance will move now. The volume of trades using bitcoins is increasing in Paxful, and a lot more people will see the value of Bitcoin as an alternative to preserve their wealth and to make a profit. The lower the Bitcoin price, the better it is for peer-to-peer financial adoption.

What are your expectations for crypto in 2019? Do you see any major developments on the horizon?

I expect crypto to continue to strengthen. More and more countries are suffering from hyperinflation, and people from those countries are starting to look at Bitcoin as a viable alternative. The world is creating a demand for Bitcoin, and Paxful will be right there to fill that demand. In 2019, people will realize that Bitcoin is not only for speculation (risky investment), but they will also realize that it can be used for payments, e-commerce, remittance, wealth preservation, and social good.

Where do you think Bitcoin/crypto prices are headed in 2019? Do you see prices higher or lower at the end of the year?

We all know how volatile Bitcoin’s price can be. Nobody was expecting the recent dip, and it was a pretty significant dip. And yet peer-to-peer Bitcoin trading is reaching all-time highs! People are turning to #P2PFinance, and they don’t care what the price is, nor should you! At Paxful, we don’t focus on the price, we focus on how we can educate the community and other people about the free financial system that peer-to-peer finance presents to the whole world. That is where the future is: a system fully governed by its users.

And finally, we hear from John McAfee, who offers a surprising Bitcoin price prediction for the end of 2019…

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